On January 1, Shoes Inc. prepays rent for 6 months for a total of $20,000. What journal entry will Shoes Inc. make on January 1 to record this transaction? O Dr Prepaid Rent 20,000; Cr Cash 20,000 O Dr Prepaid Rent 20,000, Cr Rent Revenue 20,000 Dr Rent Expense 20,000; Cr Rent Payable 20,000 Dr Prepaid Rent 20,000; Cr Rent Expense 20,000 O Dr Rent Expense 20,000; Cr Cash 20,000 Below is select account information for Leah Co. Cash: 5,000 Accounts payable: 6,000 Service revenue. 12,000 Inventory. 7,000 Advertising expense: 1,000 Equipment: 20,000 Common stock: 25,000 Notes payable: 12,000 Accounts receivable 8.000 Utilities expense 800 Salaries and wages expense: 3,400 What is the net income for the period? O $8,800 O $18,800 O $14,800 O $6,800 Which of the following options is an element of the fraud triangle? O Falsifying Records O Deception O Lying O Perceived Opportunity Which of the following options is NOT an objective of internal controls? O Promoting operational efficiency O Ensure employees can never commit fraud O The accounting system is functioning properly O Assets are safeguarded Tarmart Inc. has a current ratio of 4 1. The industry average current ratio is 3.2. Given this information, which statement is true? O Tarmart has the most cash on hand compared to other companies in the industry O Tarmart has greater efficiency compared to other companies in the industry. O Other companies in the industry have greater profitability than Tarmart. O Tarmart has better liquidity compared to other companies in the industry